Scotiabank Mexico Announces Third Quarter Results

TORONTO, Oct. 29 /CNW/ - Grupo Scotiabank today announced results for the third quarter of 2010. Scotiabank Mexico's third quarter consolidated net income was Cdn$44 million (P$545 million), compared to Cdn$49 million (P$592 million) in the same quarter last year. This decrease was due mainly to the effect of a write-down of certain available-for-sale securities. Excluding the effect of this write-down, the year-over-year results increased by 11%. The main drivers of these results were higher net interest income partially offset by higher operating expenses and credit provisions. Scotiabank Mexico's capital ratio remained strong at 17.4% compared to 16.4% in the same quarter last year.

These results are adjusted to a Canadian GAAP basis prior to their inclusion in Scotiabank's fourth quarter 2010 financial results. Scotiabank Mexico's contribution to Scotiabank's fourth quarter net income is estimated to be Cdn$47 million on a Canadian GAAP basis.

Scotiabank Mexico's media release announcing the results can be found at http://www.scotiabank.com.mx.

Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With close to 70,000 employees, Scotiabank Group and its affiliates serve approximately 14.6 million customers in some 50 countries around the world. Scotiabank offers a diverse range of products and services including personal, commercial, corporate and investment banking. With more than $523 billion in assets (as at July 31, 2010), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

For further information: Ann DeRabbie at [phone], or [email protected]